China’s iron ore imports in H1CY’20 increased by 8% y-o-y to 526 mn t amid higher production by steel mills post-lockdown.
Imports from Australia picked up by 9% at about 348 mn t in H1 CY20 against 320 mn t in H1 CY19.
Average global iron ore fines (Fe 62%) prices were slightly lower at $91/t in H1CY’20 compared with $92/t in H1 CY’19.
Import of iron ore from Brazil fell by 5% on fewer shipments by Vale. Vale’s total iron ore production in H1 CY’20 was reported at 127.2 mn t, down by 7% compared to 136.9 mn t in H1 CY19 due to coronavirus-related 12-day suspension of operations at its Itabira mining complex.
Lower imports from Vale were offset by increased purchases from Rio Tinto and BHP. Rio Tinto’s Pilbara iron ore shipments were recorded at 159.6 mn t for H1 CY’20, up by 3% from 154.7 mn t in H1CY’19. BHP’s total iron ore sales from Pilbara on a 100%basis was at 145.4 MnT for H1 CY’20, up by 8% from 135.1 MnT in H1 CY19.
Indian exports increased significantly in H1 CY’20 to China. With key iron ore mining leases expiring on 31 Mar’20, Odisha merchant miners remained active in export bookings to clear their stocks by 30th Sep’20.
Chinese iron ore imports H1CY20 v/s H1CY19
qty in mn t
Source: SteelMint Research
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